2. Edwards Company began business in February of 2021. During the year, Edwards purchased the three trading securities listed below. On its December 31, 2021, balance sheet, Edwards appropriately reported a P4,000 credit balance in its Market Adjustment-Trading securities account. There was no change during 2022 in the composition of Edward's portfolio of trading securities. Pertinent data are as follows: Security A B с Cost P120,000 90,000 160,000 P370,000 Fair Value 12/31/22 P126,000 80,000 157,000 P363,000 What amount of loss on these securities should be included in Edward's income statement for the year ended December 31, 2022? a. P11.000 b. PZ.000 GP3.000 d. POL

2. Edwards Company began business in February of 2021. During the year, Edwards purchased the three trading securities listed below. On its December 31, 2021, balance sheet, Edwards appropriately reported a P4,000 credit balance in its Market Adjustment-Trading securities account. There was no change during 2022 in the composition of Edward's portfolio of trading securities. Pertinent data are as follows: Security A B с Cost P120,000 90,000 160,000 P370,000 Fair Value 12/31/22 P126,000 80,000 157,000 P363,000 What amount of loss on these securities should be included in Edward's income statement for the year ended December 31, 2022? a. P11.000 b. PZ.000 GP3.000 d. POL

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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